Gelonghui, May 6, 丨 Harbin Electric (01133.HK) announced that on May 6, 2024, the company signed an “Equity Transfer Agreement” with Harbin Electric Group Corporation. According to this, Harbin Electric Group Co., Ltd. agreed to transfer 25% of its shares in the Harbin Electric Engineering Research Center to the company at a transfer price of RMB 19,945,729.56. After this transfer, Harbin Electric Engineering Research Center became a wholly-owned subsidiary of the company.

The Harbin Electric Engineering Research Center is the only technology-based enterprise in the national power generation equipment manufacturing industry that integrates scientific research, new product development and engineering and industrial promotion and application of scientific research results, established in January 2000. It is mainly engaged in engineering technology research and development of complete power generation equipment, system research and development of complete power generation equipment, research and development of power generation, environmental protection, energy, automation control and other equipment and supporting products, and provides corresponding technology transfer, technical consulting and technical services.

The purchase of shares will help the company to implement specialized integration, play a greater role in the business guidance, resource allocation, operation management, etc. of the Harbin Electric Engineering Research Center, and help the Harbin Electric Engineering Research Center to improve operational efficiency.